Can I stop other people from bidding?
No you cannot. In fact, such interference is prohibited. The Department of Justice pursues criminal actions for this behavior that includes bid suppression, bid rigging, payoffs, conspiracy, or any conspiracy to interfere with any portion of the auction process. Imagine if you and another buyer agrees to not bid against each other, or a real estate brokerage team leader says “don’t bid at this auction” [BECAUSE, what ever reason], or a buyer makes a large bid and at a later time retracts the bid, and then wants to buy the property at a lower price…these are examples of bid rigging, bid suppression, and conspiracy to bid rig.
Keep it safe. If you want to buy property from an auction, take these steps
- Bid what you are willing to pay.
- Do not allow other to coerce you.
- Read the rules of the auction.
- Do not interfere with others when they are bidding.
- Be competitive, but do not interfere.
If you are a Real Estate Agent. It is your duty to give a perspective buyer credible information, even though it may not benefit you. You may not choose to reporesentb them, however, you must pass along correct information for the benefit og the buyer, represented or unrepresented.
It would be such a competitive world if everyone just bid what they would pay. If Real Estate Agents would tell perspective buyers good information and allow the buyer to decide what they would like to pay in a competitive marketplace.
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